The global photovoltaic market size is expected to grow from USD 76.6 billion in 2020 to USD 113.1 billion by 2025, at a CAGR of 8.1%. The market has a promising growth potential due to several factors, including supportive government policies and initiatives, increasing demand for PV systems for residential applications, and decreasing cost of PV systems and energy storage devices.
The major factor restraining the growth of the photovoltaic market is the lack of a skilled workforce for PV installation and maintenance. PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled manpower has been one of the most prominent challenges in the PV arena. This is expected to impact the photovoltaic market negatively in the coming years.
The market is expected to decline in 2020, mainly due to the impact of COVID-19. The photovoltaic supply chain was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in the PV industry due to travel restrictions, which would affect the photovoltaic market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022.
“Silicon-based PV systems: The fastest-growing segment of the photovoltaic market, by material”
Silicon-based PV systems are the fastest-growing segment of the photovoltaic market by material. Silicon-based photovoltaic solar panels are cost-effective. Ongoing advancements in silicon solar cell technology is the primary factor boosting the growth of the photovoltaic market. The increasing focus of players on manufacturing advanced silicon modules is also fostering the market growth. Many players are making efforts to manufacture advanced silicon modules with greater efficiency. These developments are expected to propel the demand for silicon-based PV systems during the forecast period.
“Ground-mounted: The largest segment of the photovoltaic market, by installation type”
The photovoltaic market for the ground-mounted type is expected to hold the largest market share from 2019 to 2025. With an increasing number of utility-scale projects worldwide, the market for ground-mounted PV systems is expected to witness significant growth during the forecast period. According to the Solar Energy Industries Association (SEIA), there are more than 37,000 MW utility-scale solar projects currently operating in the US, with another 112,000 MW under development. The majority of these projects have ground-mounted installations of PV modules. This is expected to propel the market for ground-mounted type.
“Asia Pacific: The fastest-growing region in the photovoltaic market”
The APAC region is expected to dominate the photovoltaic market and is projected to grow at the highest CAGR during the forecast period. APAC is home to most top players in the photovoltaic market, including JinkoSolar, JA Solar, Trina Solar, and LONGi. Also, the region has countries like China and India that are in the forefront in terms of the adoption of PV systems. Moreover, the region is the largest producer and consumer of PV modules and related components. These factors are expected to propel the photovoltaic market in APAC.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation: C-level Executives – 40%, Directors – 35%, and Others – 25%
- By Region: North America – 20%, Europe – 15%, APAC – 55%, and RoW – 10%
The report profiles key players in the global photovoltaic market with their respective market share analysis. Prominent players profiled in this report are JinkoSolar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), First Solar (US), Hanwha Q CELLS (South Korea), Wuxi Suntech Power (China), Sharp (Japan), Mitsubishi Electric (Japan), Array Technologies (US), Chint Solar (China), GCL System Integration Technology (China), Huawei (China), LG Electronics (South Korea), NEXTracker (US), Risen Energy (China), SMA Solar Technology (Germany), Sungrow Power Supply (China), Tongwei Solar (China), and Yingli Solar (China).
The report segments the photovoltaic market and forecasts its size, by value and volume, based on region (North America, Europe, APAC, and RoW), by component (modules, inverters, BOS), material (silicon, compounds), cell type (full cell, half cell), installation type (ground-mounted, BIPV, floating PV), and application (residential, commercial & industrial, and utilities).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the photovoltaic market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
- The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the photovoltaic market and provides them information on key market drivers, restraints, challenges, and opportunities